Memorandum  #4a: Clarification of Previous COLA Notice Memo

Date:	01/12/2022
Referenced Sources:	PERAC Website

PERAC Memo #4a, 2022

To All Retirement Boards:

TO:                 All Retirement Boards

FROM:           John Parsons, Esq., Executive Director

RE:                 Clarification of Previous COLA Notice Memo

DATE:            January 12, 2022

 

This memo is intended to clarify PERAC Memorandum No. 4 of 2022, which was published to retirement boards on January 10, 2022.

Due to the Social Security Administration’s (“SSA”) recent Cost of Living Adjustment, COLAs undertaken pursuant to G.L. c. 32, § 103(c) do not require that the legislative body be notified.  PERAC encourages boards to make such notifications, considers such notifications to be good public policy, but it is not required.

Notification is only required if a COLA is adopted which is above the CPI.  However, because of the particular circumstances of this year, there can be no COLA above the CPI so G.L. c. 32, § 103(i) will not be utilized.

If you have any questions about this, please contact PERAC General Counsel Judith Corrigan at [phone] or at [e-mail].   

Commission Members:

Philip Y Brown, Esq., Chairman
Auditor Suzanne M. Bump
Kathleen M. Fallon
Kate Fitzpatrick
James M. Machado
Richard MacKinnon, Jr.
Jennifer F. Sullivan